As of December 2014[update], the bank's total assets were valued in excess of US$192.2 million (RWF:134 billion), with shareholders' equity valued at US$19.65 million (RWF:13.7 billion).
[3]
Cogebanque was established in July 1999 by forty-two private Rwandan investors. At that time, the insurance company Compagnie Générale d'Assurance et de Reassurance, was the largest shareholder, with 34 percent ownership. In the beginning, the bank's emphasis was Small and Medium Enterprises (SMEs), agriculture and the service industries.[4]
In 2008, three new international investors paid US$6 million for a 40% ownership in the bank. The new investors included: (a) ShoreCap International (SCI) of Chicago, Illinois, United States; (b) the Belgian Investment Company for Developing Countries (BIO) and (c) AfricaInvest, an investment company based in Tunisia. These transactions, initiated in 2008, were concluded in early 2010. The original Rwandan investors maintain a 60 percent shareholding in the restructured bank.[5]
In June 2023, Equity Group Holdings signed an agreement to acquire 91.9 percent shareholding in the stock of Cogebanque for a consideration of RWF:54.68 billion (approx. US$44 million). The shares to be sold are now owned by (a) Government of Rwanda (b) Rwanda Social Security Board (c) Sanlam Vie Plc and (d) Ms Judith Mugirasoni. Equity Group has plans to eventually buy the remaining 8.1 shareholding in the bank. The deal requires regulatory approval by regulators in COMESA, Rwanda and Kenya, as well as shareholders in Cogebanque and Equity Group Holdings.[6]
The acquisition deal closed on 30 November 2023, with Equity Group Holdings paying US$47 million for 99.125 percent shares of stock of Cogebanque. More minority shareholders agreed to sell under the original contract price executed in June 2023. Under a separate agreement, Equity Group agreed to buy the Cogebanque headquarters building for KSh1.4 billion (US$9.2 million) within one year from the completion of the transaction.[7]
In January 2024, having acquired 99.8 percent of Cogebanque, Equity Group began the process of merging Cogebanque with Equity Bank Rwanda. The process is expected to last six months and will lead to the new combined bank, with 47 brick-and-motor branches, 56 ATMs, and 6,000 banking agents across the country. The combined entity will be known as Equity Bank Rwanda and will employ about 700 staff.[8]
US$3.16 million (2014)
